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Paramount Skydance Launches Hostile $108 Billion Bid for Warner Bros. Discovery, Challenging Netflix Deal

Shareholders now weigh a $30‑per‑share cash offer against Netflix’s approved agreement under regulatory and political scrutiny.

Overview

  • Paramount Skydance unveiled a hostile public tender at $30 per share in cash, valuing Warner Bros. Discovery at roughly $108–108.4 billion.
  • The new bid seeks 100% of WBD, including cable networks, contrasting with Netflix’s approximately $82.7 billion cash‑and‑stock agreement focused on the studios and HBO/HBO Max.
  • Paramount says its proposal offers $18 billion more in cash and greater closing certainty, while Netflix’s pact remains board‑approved and in place pending approvals.
  • Financing for Paramount’s offer is backed by the Ellison family with additional commitments reported from Affinity Partners and Middle Eastern sovereign funds, prompting conflict‑of‑interest questions as President Trump voiced skepticism about the Netflix combination.
  • Both routes face lengthy antitrust reviews expected to take 12–18 months, with a $5.8 billion reverse fee if regulators block Netflix’s deal and a $2.8 billion payment if WBD cancels; WBD shares rose and Netflix fell as SAG‑AFTRA warned consolidation could threaten jobs and theatrical releases, and Netflix told users to expect no immediate service changes.